Producer prices in Germany soared by more than 24% in December

According to statistics published by the German statistical office, in December previous year, producer prices in the country jumped by 24.2% compared to the same month in 2020. Such a high rate of price growth has not been observed in the country for the entire observation period, that is, more than 70 years. Every month, producer prices increased by 5%, which also became a historical record. Both figures were considerably superior to expected. Analysts had expected prices to rise by 19.3% and 0.8%, respectively. The main reason for similar price dynamics is the energy prices sharp rise. The gas cost increased by almost 122%. The electricity price in Germany has risen by more than 74%. Producer prices for consumer goods rose 4.7%. The price changes calculation excluding energy carriers showed that in December they increased by 10.4% in annual terms and by 0.7% compared to prices that were in effect in the prior month.

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Arseny Kudrin

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